Registration under s 12AA & Deduction under s 80-IB(10)

---------- Forwarded message ----------
From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Wed, Aug 17, 2011 at 3:19 PM
Subject: {jalgaoncas} Registration under s 12AA & Deduction under s 80-IB(10)
To:

Dear All,

 

Please find enclosed the details on above text.

 

http://www.indiantaxhome.com/2011/08/registration-under-s-12aa.html

Charitable purpose — Running schools by collecting huge amounts of fees with five star facilities cannot be treated as a charitable activity only on the ground that the business carried on by such institutions is the business of education, as held by ChenTrib in Rajah Sir Annamalai Chettiar Foundation v DIT — In favour of: The revenue; ITA No 1817/Mds/2010.

 

http://www.indiantaxhome.com/2011/08/deduction-under-s-80-ib10.html

 

The assessee (developer), having dominant control and rights over the land for developing and building a housing project, as approved by a local authority, cannot be denied the deduction under s 80-IB(10) merely because of the absence of legal ownership of the land, as held by AhdTrib in ACIT v YUG Corpn — In favour of: The assessee; ITA No 2700, 2701, 2702 and 2703/Ahd/2009: (AYs 2004–2005, 2005–2006, 2006–2007 and 2007–2008).

--

=======================================================================================